18 FDI proposals worth Rs 586 cr cleared

PTIAug 22, 2006, 09.00pm IST

NEW DELHI: The Government has cleared 18 FDI proposals, including those by global luxury brands Louis Vuitton Malletier and Lifestyles International Holding Corporation that will bring in Rs 586.123 crore into the country.A proposal by Lotus Global Investments Ltd of Mauritius for oil exploration activities is the largest worth Rs 345 crore of FDI followed by Huntsman Investments of Netherlands for Rs 122.50 crore.The proposals, approved on the recommendations of the Foreign Investment Promotion Board on August 11, also included the board taking note of revised aggregate foreign holding, both direct and indirect, of 74 per cent in Bharti Airtel.Among the first company to get clearance for single branded products in retail trading, France-based Louis Vuitton will bring in Rs 5.70 crore. Its products will include writing instruments, diary refills paper, shoes, trunks, travel bags, purses, sunglasses, watches and ready-to-wear.